German open-ended property fund Deka-ImmobilienEuropa has acquired a new development project in the Northern Italian province of Piacenza.

Project development company Realty Vailog S.p.A sold it to Deka for around 60 million Euros (£47.73 million).

DekaBank’s property fund companies have so far made 12 investments in the Italian market; eight office properties and a hotel in Milan, a logistics property in Castel San Giovanni (Piacenza) and an office property in Rome.

The recently acquired development project includes three construction phases with a total area of approximately 1, 250 000 square feet.

The first construction phase of just under 581.23 sq ft will be completed by the middle of next year, and has been entirely leased long-term to the Italian retail company UPIM.

Thomas Schmengler, managing director of Deka Immobilien GmbH said: ‘With this investment, we took advantage of the opportunity to re-establish ourselves again in the Italian commercial property market for the first time after three years by the simultaneous acquisition of three of the most up to date logistics properties in terms of standards.’